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PLAINS PETROLEUM REPORTS LOWER PROFITS

 PLAINS PETROLEUM REPORTS LOWER PROFITS
 LAKEWOOD, Colo., April 28 /PRNewswire/ -- Plains Petroleum


(NYSE: PLP) today reported a decrease in earnings for the first quarter due to a significant reduction in demand for natural gas caused by record warm winter weather in its principal gas marketing area. Plains' earnings for the quarter were $2.4 million or 25 cents per share, down 62 percent from last year's results of $6.4 million (66 cents per share). Gas production was 5.2 billion cubic feet (Bcf) for the period, which was one-fourth lower than 1991's first quarter.
 Revenues for the quarter decreased 17 percent to $14 million, and cash flow of $6 million was down 37 percent from the prior year.
 The increasing importance of oil to Plains continued to be reflected in its first quarter results. Production averaged 2,778 barrels oil per day (BOPD) for the period compared with 2,408 BOPD for the full year 1991.
 Plains produces, develops and explores for oil and gas in the Midcontinent, Permian Basin, Gulf Coast and Rocky Mountain regions of the United States. The company is Colorado-based with additional offices in Midland, Texas; Lakin, Kan.; and Gillette, Wyo.
 PLAINS PETROLEUM CO.
 Digest of Earnings
 First Quarter Ended
 March 31,
 1992 1991
 Oil and gas revenues $14,153,000 $17,048,000
 Net earnings 2,435,000 6,419,000
 Earnings per share $.25 $.66
 Shares outstanding 9,792,000 9,762,000
 -0- 4/28/92
 /CONTACT: Darrel Reed of Plains Petroleum, 303-969-9325; or Jim Fingeroth or Tracey Stearns both of Kekst and Company, 212-593-2655, for Plains Petroleum/
 (PLP) CO: Plains Petroleum Co. ST: Colorado, Texas, Kansas IN: OIL SU: ERN


MC -- DV007 -- 3767 04/28/92 11:57 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
Words:288
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